Home Buying in Sacramento>Question Details

Shirleyb1652, Home Buyer in

.FHA home loan Back to work Special circumstance program " What is this?

Asked by Shirleyb1652, Thu Dec 19, 2013

Help the community by answering this question:


Hi Shirley,

Here is an article about the program.


Basically it's a borrower assistance program that allows borrowers to possibly obtain a loan if they suffered an economic event such as a lost job.

I hope that answers your question!

Jason Walter
REALTOR® - lic #01923240
Certified Public Accountant (CPA) - lic #103885
1 vote Thank Flag Link Thu Dec 19, 2013
It is a special program for people who lost their job during the recession and are now working again. I would be more than happy to help you getting financing for your home.

Alex Greer
Loan Officer
NMLS #1056079

1 vote Thank Flag Link Thu Dec 19, 2013
I have helped many families purchase homes through this program. It is a great program for people that have got back on the right track. I know all the details about the program as we have been offering it for over a year now. For starters you need a 20% dip in income. You are welcome to contact me and I will be happy to let you know if you can get approved for the loan.

For mortgage help, call (855) 893-1177 or email for a free pre-approval in less than 10 minutes. We lend our own money and are licensed in 49 states and you can apply online at http://www.myccmortgagebn.com. We can do: FHA, Conventional, USDA, VA, HARP, Interest Only, Home Equity, Fixed, and Variable. Find out which product is right for you by calling Brad at (855) 893-1177.

Brad Neumann
Branch Manager
Crosscountry Mortgage Inc.
Phone: (855) 893-1177
Email: bneumann@myccmortgage.com
NMLS# 948036
0 votes Thank Flag Link Fri Oct 17, 2014
The FHA "Back to Work" program is a great opportunity if you can qualify. If you can't meet the guidelines though, you may still have to wait a couple of years to go conventional with 20% down.

Our bank does have a program for folks who may have had a short sale OR a foreclosure without any seasoning and 20% down. This program gives you another option to explore if you are looking to get back into a home quickly.

Below is my website if you would like to contact me for more information on either program.
0 votes Thank Flag Link Fri Dec 20, 2013
You have your answers below but I would encourage you to ask some qualified brokers anyway. The reason I say that is, even if you don't qualify now for this program, you may want to start getting prepared so that when you DO qualify, you're ready.

Too often people wait until the 2-3 year period after a short sale or foreclosure to begin the process. If you really want to buy a home again, then you're aware (as last time) that you will want to make sure your credit is great, that you have the downpayment required, and that you have everything ready to be qualified.

It's never too early to start planning. Written goals are much more often accomplished.

Best of luck to you Shirleyb!
0 votes Thank Flag Link Fri Dec 20, 2013

The question has been answered for the most part but I would like to answer it in as clear and concise an answer as I can.

The program was created to allow people that had a "financial event", either bankruptcy, foreclosure, or a short sale, that was caused by a reduction in income during the recession, to purchase a new home in as little as 12 months after the BK, foreclosure, or short sale transpired.

The most important guideline that must be met is the applicant must have suffered at least a 20% reduction in household income for AT LEAST SIX CONSECUTIVE MONTHS during the periods of 2007-2012. If you fit that description you may be a candidate.

It is true that many lenders are having trouble doing these, mostly because they are reading the guidelines more strictly than they have to (to protect themselves) and in doing so they have made it so it is nearly impossible for someone that meets the guidelines to document the fact that they do indeed qualify.

We are doing them and have already done quite a few. It is a little more of a hassle than getting a regular FHA loan documentation-wise but not nearly as hard as I have seen/heard it being elsewhere (i.e. nearly impossible).

I am doing a blog post on the program soon and will try to come back here once I have it done and post the link. But most of the basics can already be found in this thread.

Hope that helps. Give us a call if you have any further questions or if I can be of any assistance.

Greg Cowart
0 votes Thank Flag Link Thu Dec 19, 2013
Hi Shirley

Because the program is so new, the learning curve is still high. Many lenders are not taking the product on and many lenders are not having success at getting the loans approved for their buyers. Some advice I've received from a lender who has actually closed a few of these transaction loans: If you are interested in applying for your loan through the program make sure you ask the mortgage banker whom you select to show you evidence of having closed them.

If you'd like to speak with a mortgage banker about the program (who has successfully closed these loan types) may I recommend Andrew Martinez. His contact info is below. Call him for a conversation.

Andrew Martinez
Commercial Capital Funding
DBA Loan City Home Loans
9270 Madison Ave
Orangevale CA, 95662
916-932-4467 Fax

Hope that helps!

Keisha Mathews, REALTOR®
CDPE®, HRC®, HAFA® Certified
SAR Masters Club Member 2012
SAR Masters Club Steering Committee
Mathews & Co. Realty Group
@ Century 21 Landmark Network
(916) 370-1803 cell
lic#: 01439130
0 votes Thank Flag Link Thu Dec 19, 2013
If you don't currently qualify because of a bankruptcy or foreclosure, this program permits lenders to reduce the waiting period to as little as one year if the derogatory credit event was directly caused by involuntary job loss or an involuntary income reduction of at least 20%.

I can take a look at your scenario and see if you might be eligible under the back to work exception. Feel free to email me or give me a call.


Tony Grech | Mortgage Loan Originator | NMLS 977416
PMAC Lending Services, Inc.
Toll-free (855) 642-4762 | Fax (248) 945-4842 | Direct (248) 728-0078
0 votes Thank Flag Link Thu Dec 19, 2013
Hi Shirley,
Please check out the following link for a short video that I did a few weeks ago explaining the Back to Work program in more detail.

Please contact me with any additional questions.
Happy Holidays!
Frank J. Verni
Broker / Realtor
DRE # 01390255

0 votes Thank Flag Link Thu Dec 19, 2013
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